Question: Describe what characteristics a performance measurement system, to be employed in a risk monitoring and control process for a project, should have. Include an example to help illustrate your answer. (200 words)

Hint: A good performance monitoring system employs quantifiable measurements to compare to the project baseline as a means to evaluating project performance.

Question: What is the importance of including stakeholders and risk owners in the creation and approval of risk response plans? (200 words)

Hint: Risk owners need to be involved in the creation of risk response plans, because they are most likely to be implementing these risk response plans. Stakeholders need to be involved because their approval is critical to ensure they concur with the proposed response plans.